EarningsQ2 2026 Earnings Report
DE:8D7 Q2 2026 EPS Results
Actual EPS€0.22
Consensus EPS―
Beat/Miss―
One Year Ago EPS€0.20
DE:8D7 Q2 2026 Revenue Results
Actual Revenue€1.53B
Expected Revenue€1.55B
Beat/MissMissed by -€18.87M
YoY Revenue Growth+5.37%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
DE:8D7 Upcoming Earnings
TP ICap's next earnings date is estimated for March 17, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents strong underlying operating performance and several clear achievements: double-digit growth and margin expansion in Global Broking, stable-to-improving performance in Liquidnet and Parameta, accelerated transformation delivering material cost savings, and continued capital returns (dividends and buybacks). Offsetting these positives are meaningful near-term headwinds: a sharp drop in Energy & Commodities profitability driven by geopolitical disruption and higher costs from strategic hires, elevated significant items and restructuring charges tied to accelerated transformation, working capital and net cash reductions driven by settlement timing and higher receivables, and ongoing sensitivity to foreign exchange and market volatility. On balance, the positives—particularly the outsized Global Broking performance, transformation progress and medium-term growth plan—significantly outweigh the lowlights, supporting a constructive outlook despite near-term noise.Company Guidance
Group financial performance
Group revenue increased 8% to GBP 1.3 billion; adjusted EBIT rose 9% to GBP 196 million; group adjusted EBIT margin improved to 15.2%; basic adjusted EPS grew 10% to GBP 0.193. Interim dividend increased 8% to GBP 0.056.
Global Broking outperformance
Global Broking revenue increased 11% to GBP 783 million and adjusted EBIT grew 22% to GBP 159 million; margin expanded from 18.4% to 20.3%. Asia Pacific was the strongest region; acquisition of Vantage Capital Markets and launch of RealQ platform enhance capabilities and growth runway.
Liquidnet resilience and cash equities growth
Liquidnet revenue was broadly stable at GBP 194 million with adjusted EBIT of GBP 32 million and a 16.5% margin. Cash equities revenue grew 6%, cash-equities adjusted EBIT rose 10%, algorithmic trading grew 25%, cross-border trading +13% and Asia Pacific revenue +21%.
Parameta Solutions progress
Parameta revenue grew 6% to GBP 102 million. Margin dynamics reflect planned investment but Q2 showed improvement; indices and Swap Rate Index expansion driving AUM-linked revenue and pipeline growth supported by new sales hires.
Transformation acceleration and productivity gains
Transformation plan now expected to exceed the 2027 target a year early, delivering at least GBP 50 million in annualized savings by year-end. Identified around GBP 15 million of additional savings for 2027. Reported a 3% uplift in productivity.
Underlying operating cash generation (adjusted)
Reported operating cash outflow was GBP 77 million, but around 70% was due to a temporary change in net settlement balances that reversed after period end; excluding this, underlying cash flow from operations was around GBP 100 million.
Active capital returns and disciplined capital management
Announced an additional GBP 30 million share buyback (taking buybacks this year to ~GBP 110 million) and total distributions since 2023 of around GBP 660 million. Nearly completed the GBP 80 million buyback announced in March and paid GBP 88 million of dividends in the period.
Strategic growth ambition
Management reiterated medium-term objective of mid- to high-single-digit revenue growth, citing diversified business model, scalable technology platform, multiple growth engines (Global Broking, Liquidnet, Parameta, Energy & Commodities) and selective M&A appetite.
DE:8D7 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed